Multi-modal logistics will propel India towards the vision of a developed nation by 2047, says Dr Shah
While the increase in PLI allocation, Development of Semi-conductors and Display manufacturing ecosystem, Solar Power (Grid) and National Green Hydrogen Mission is a welcome step, the need of the hour is easy and low cost of credit, FIEO President Israr Ahmed said in welcoming the Interim Budget 2024-25 on 1 Feb 2024.
“Besides, support for Development of a Global Shipping Line of India, Increased allocation for Market Access Initiative (MAI) Scheme with the target of US$2 trillion exports, financial outlay for the District as an Export Hub (DEH) Scheme would have not only added to the growth of exports sector but also to the growth story of the fastest growing economy, the Prosperous Bharat, which Ahmed expects the regular budget of the new Government will take into consideration.
Another budget is expected in the second half of the year after the General Election which will be presented by the newly elected government thereafter.
“Focus on Blue Economy, expanding and strengthening the EV ecosystem, domestic tourism, and multi-modal logistics will propel India towards the vision of a developed nation by 2047,” added FICCI President Dr Anish Shah.
“The Interim Budget recognizes Innovation as a key driver for growth through introduction of a significant corpus of Rs.1 lakh crore for offering fifty-year interest free loan to scale up R&D in sunrise domains. The fiscal performance bodes well for country’s macroeconomic stability and investor confidence,” he concluded.
“The emphasis on state level reforms is very welcome as these are crucial to take the Indian economy towards the goal of becoming a developed nation,” says CII President R Dinesh on the Interim Budget.
“Thrust on strengthening the ecosystem for electric vehicles by supporting manufacturing and EV charging infrastructure, building of metros are welcome. Focus on MSMEs by facilitating credit, technology adoption and a supporting regulatory framework will help create jobs, and also help in achieving India’s goal of becoming a global manufacturing hub,” he said.
CII Director General Chandrajit Banerjee said, “The interim budget consolidates India’s globally acclaimed economic strategy that preps up the economy for the future.
He noted that the budget consolidates India’s economic strategy prioritising capex driven growth that boosts demand and improves the competitiveness of industry.
“The strategy has led to India becoming a bright spot in the midst of a slowing global economy.”
He noted the budget focus on programs with thrust on housing for middle class; additional 2 crore houses under PM Awas Yojana (Gramin); a plethora of announcements to boost the rural economy – such as focus on creating post-harvest infrastructure, mission for achieving Atmanirbharta in oilseeds, dairy development, promotion of fishing and aquaculture; creation of an additional one lakhpati didis, carry forward India’s new approach to development through inclusion and empowerment. Fiinews.com
